How many buy out offers next year baced on gold prices ?? CDN Gold price heading to $ 4,000 oz
Link>> https://goldprice.org/gold-price-canada.html
3,738.12
+24.71
+0.67%
Gold price solidly up, at record high; bulls keep foot on the gas
By Jim Wyckoff
Published:
08:34
Updated:
08:40
Kitco News
(Kitco News) - Gold and silver futures prices are solidly up in early U.S. trading Friday, with gold hitting another record high of $2,730.50, basis December Comex futures. Safe-haven demand and bullish technicals continue to push precious metals prices north. December gold was last up $22.40 at $2,729.90 and December silver was up $0.706 at $32.48.
Geopolitical tensions in the Middle East remain high. In overnight news, Israel confirmed it assassinated another key Hamas leader, Yahya Sinwar, who orchestrated last fall’s massacre in Israel. This has some in the marketplace wondering if Israel could now bargain for a ceasefire and hostage release, what with Hamas and Hezbollah in a leadership vacuum after Israel has taken out so many top leaders of the two groups.
China’s economic growth slowed to the weakest rate since early 2023, with the listing property sector remaining a drag. China’s third-quarter GDP came in at up 4.6%, year-on-year, down from 4.7% in the previous quarter but slightly ahead of the 4.5% consensus forecast. Both industrial production and retail sales came ahead of forecasts. China’s central bank also Friday started two funding programs that will see 800 billion yuan lent to financial firms aimed at supporting capital markets. Under the program, brokers, fund managers and insurers will be able to get funding from the central bank through asset collateralization to buy stocks, Reuters reported.
At the BRICS summit in Kazan from Oct. 22-24, Reuters reports Russia will advocate for a new international payment system to bypass U.S. dollar dominance and avoid Western sanctions. Russian President Vladimir Putin aims to strengthen BRICS, now expanded to include Egypt, Ethiopia, Iran, and the UAE, as well as Brazil, Russia, India, China and South Africa, as a geopolitical counterweight to the West. Moscow’s proposal includes a blockchain-based payments network backed by national currencies, a grain trading exchange and a new "BRICS Clear" platform for settling securities trade. The proposal envisages the extension of BRICS grain trading mechanisms to oil, natural gas and gold in the future. While these initiatives reflect Russia’s push for financial independence, consensus among the expanded membership may be challenging. Precious metals traders will be closely watching this conference and its “de-dollarization” implications.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed to mixed to firmer openings when the New York day session begins.
The key outside markets today see the U.S. dollar index slightly lower. The benchmark 10-year U.S. Treasury note yield is presently fetching 4.112%. Crude oil prices are a bit lower and trading around $70.25 a barrel.
U.S. economic data due for release Friday includes new residential construction and the monthly Treasury budget statement.
Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,650.00. First resistance is seen at $2,750.00 and then at $2,775.00. First support is seen at the overnight low of $2,707.30 and then at $2,700.00. Wyckoff's Market Rating: 9.5.
December silver futures bulls have the firm overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the May high of $33.50. The next downside price objective for the bears is closing prices below solid support at the October low of $30.345. First resistance is seen at $32.50 and then at $33.00. Next support is seen at $32.00 and then at $31.50. Wyckoff's Market Rating: 7.5.
(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success.